Current account switches just shy of four million

More than 23 million payments have successfully been redirected by the Current Account Switch Service, which reports a seven day switching success rate of 99.5 per cent, while 47 current account providers are now participating in the service, covering almost 100 per cent of the UK’s current account market.

During the last 12 months (1 July 2016 to 30 June 2017), a total of 909,186 switches were completed, with 218,138 switches recorded in the last quarter alone (April – June 2017).

And, earlier this month, a new research report on the competitiveness and effectiveness of the personal current account market was published by Bacs.

The latest in a range of papers looking at the dynamics of the market and what drives consumer engagement, the report provides an insight into how a more effective current account market might be created and can be found here: www.bacs.co.uk/competitivemarket.